GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.09% against the USD and closed at 1.5995.
Yesterday the ratings agency, Moody’s stated that the UK bank profitability is set to stay under pressure through to 2013 as margins erode and regulatory costs rise, while an uncertain domestic economy keeps the outlook for the UK banking system negative.
In the Asian session, at GMT0300, the pair is trading at 1.6012, with the GBP trading 0.11% higher from yesterday’s close.
This morning, the Royal Institution of Chartered Surveyors’ (RICS) seasonally adjusted house price balance rose to -19 in August, from an upwardly revised -23 in July.
The pair is expected to find support at 1.5975, and a fall through could take it to the next support level of 1.5939. The pair is expected to find its first resistance at 1.6033, and a rise through could take it to the next resistance level of 1.6055.
Trading trends in the pair today are expected to be determined by the release of trade balance in the UK which is expected to indicate that trade deficit would narrow in July.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
